DocuSign Inc (DOCU) 2024 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen. Thank you for joining DocuSign's First Quarter Fiscal Year '24 Earnings Conference Call. (Operator Instructions). As a reminder, this call is being recorded and will be available for replay from the Investor Relations section of the website following the call. (Operator Instructions). I will now pass the call over to Heather Harwood, Head of Investor Relations. Please go ahead.

女士們、先生們，下午好。感謝您參加 DocuSign '24 財年第一季度收益電話會議。 （操作員說明）。謹此提醒，本次電話會議正在錄音，電話會議結束後可在網站的投資者關係部分重播。 （操作員說明）。我現在將把電話轉給投資者關係主管希瑟·哈伍德 (Heather Harwood)。請繼續。

Thank you, operator. Good afternoon, and welcome to the DocuSign Q1 Fiscal Year 2024 Earnings Call. I'm Heather Harwood, DocuSign's Head of Investor Relations. Joining me on the call today are DocuSign's CEO, Allan Thygesen; and our CFO, Cynthia Gaylor. The press release announcing our first fiscal year 2024 results was issued earlier today and is posted on our Investor Relations website.

謝謝你，接線員。下午好，歡迎參加 DocuSign 2024 財年第一季度收益電話會議。我是希瑟·哈伍德 (Heather Harwood)，DocuSign 投資者關係主管。今天和我一起參加電話會議的是 DocuSign 的首席執行官 Allan Thygesen；和我們的首席財務官辛西婭·蓋勒。宣布我們 2024 年第一個財年業績的新聞稿於今天早些時候發布，並發佈在我們的投資者關係網站上。

Now, let me remind everyone that some of our statements on today's call are forward-looking. We believe our assumptions and expectations related to these forward-looking statements are reasonable. But, they are subject to known and unknown risks and uncertainties that may cause our actual results or performance to be materially different. In particular, our expectations regarding the pace of digital transformation and factors affecting customer demand are based on our best estimates at this time, and are therefore subject to change.

現在，讓我提醒大家，我們在今天電話會議上的一些聲明具有前瞻性。我們相信我們與這些前瞻性陳述相關的假設和預期是合理的。但是，它們面臨已知和未知的風險和不確定性，可能導致我們的實際結果或表現出現重大差異。特別是，我們對數字化轉型的步伐和影響客戶需求的因素的預期是基於我們目前的最佳估計，因此可能會發生變化。

Please read and consider the risk factors in our filings with the SEC, together with the content of this call. Any forward-looking statements are based on our assumptions and expectations to date. And except as required by law, we assume no obligation to update these statements in light of future events or new information.

請閱讀並考慮我們向 SEC 提交的文件中的風險因素以及本次電話會議的內容。任何前瞻性陳述均基於我們迄今為止的假設和預期。除非法律要求，否則我們不承擔根據未來事件或新信息更新這些聲明的義務。

During this call, we will present GAAP and non-GAAP financial measures. In addition, we provide non-GAAP weighted average share count and information regarding free cash flows and billings. These non-GAAP measures are not intended to be considered in isolation from, a substitute for or superior to our GAAP results.

在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標。此外，我們還提供非公認會計原則加權平均股票數以及有關自由現金流和賬單的信息。這些非公認會計原則衡量指標不應被視為孤立、替代或優於我們的公認會計原則結果。

We encourage you to consider all measures, when analyzing our performance. For information regarding our non-GAAP financial information, the most directly comparable GAAP measures and a quantitative reconciliation of those figures, please refer to today's earnings press release, which can be found on our website at investor.docusign.com. I'd now like to turn the call over to Allan. Allan?

我們鼓勵您在分析我們的績效時考慮所有措施。有關我們的非 GAAP 財務信息、最直接可比的 GAAP 指標以及這些數據的定量調節的信息，請參閱今天的收益新聞稿，該新聞稿可在我們的網站 Investor.docusign.com 上找到。我現在想把電話轉給艾倫。艾倫？

Thanks, Heather, and good afternoon, everyone. We're pleased to have delivered a solid start to the fiscal year, reporting financial metrics that exceeded our guidance. We announced new product innovations to enable smarter, easier, trusted agreement workflows. First, some highlights from this quarter's financial results.

謝謝希瑟，大家下午好。我們很高興本財年取得了良好的開局，報告的財務指標超出了我們的指導。我們宣布推出新產品創新，以實現更智能、更簡單、更值得信賴的協議工作流程。首先，本季度財務業績的一些亮點。

Q1 total revenue came in at $661 million, up 12% versus prior year. Q1 non-GAAP operating margin came in at a healthy 27% driven by our continued focus on profitability and efficiency. We're pleased with the early traction we're making against our objectives. However, we do continue to operate in a challenging macro environment with cautious customer sentiment, evident in moderating expansion rates.

第一季度總收入為 6.61 億美元，比去年同期增長 12%。由於我們持續關注盈利能力和效率，第一季度非 GAAP 運營利潤率達到了 27% 的健康水平。我們對我們在實現目標方面取得的早期進展感到滿意。然而，我們確實繼續在充滿挑戰的宏觀環境中運營，客戶情緒謹慎，擴張速度放緩就很明顯。

Last quarter, I shared our plans to accelerate our product release cycles in fiscal 2024. What you'll see is that our road map builds on DocuSign's strength, as the world's leading eSignature company while also moving us towards enabling the entire agreement journey with intelligent workflows.

上個季度，我分享了我們在 2024 財年加快產品發布週期的計劃。您將看到，我們的路線圖建立在 DocuSign 作為世界領先的電子簽名公司的實力之上，同時也推動我們通過智能技術實現整個協議旅程。工作流程。

We're deepening these capabilities to deliver more strategic value to our customers. With that, let me touch on three new releases that shipped this quarter. First, as mentioned on the Q4 call, DocuSign web forms launched in April. In the first few weeks since launch, we're seeing strong traction for web forms across verticals, including financial services, real estate, health care and life sciences, leveraging our differentiated approach to streamlining how agreements are generated.

我們正在深化這些能力，以便為客戶提供更多戰略價值。接下來，讓我談談本季度發布的三個新版本。首先，正如第四季度電話會議中提到的，DocuSign 網絡表單于 4 月份推出。在推出後的最初幾週內，我們看到網絡表單在金融服務、房地產、醫療保健和生命科學等垂直領域的強勁吸引力，利用我們的差異化方法來簡化協議的生成方式。

Web forms are simple and powerful for both senders and signers. They're easy to use and customers benefit from the ability to more easily capture and leverage data from their agreements. Next, we made strong progress penetrating and innovating in highly regulated markets. One example is our work in the health care vertical, which is undergoing dramatic digital transformation.

Web 表單對於發送者和簽名者來說既簡單又強大。它們易於使用，客戶可以更輕鬆地捕獲和利用協議中的數據，從而受益匪淺。接下來，我們在高度監管的市場滲透和創新方面取得了強勁進展。一個例子是我們在醫療保健垂直領域的工作，該領域正在經歷巨大的數字化轉型。

We're proud that our eSignature product can now seamlessly connect to electronic health records in the U.S. market, including from Epic and Cerner in accordance with industry standards. This will modernize the patient experience and improve efficiency for health care companies, while also deepening DocuSign's presence within the vertical.

我們感到自豪的是，我們的電子簽名產品現在可以按照行業標準無縫連接到美國市場的電子健康記錄，包括來自 Epic 和 Cerner 的電子健康記錄。這將使患者體驗現代化並提高醫療保健公司的效率，同時也深化 DocuSign 在垂直領域的影響力。

And finally, we introduced DocuSign ID verification premier, our tier of ID solutions, which meet the highest levels of trust, security and compliance. Our first offering within this tier is ID verification for EU-qualified eSignature. By combining verification of an ID with confirmation of the presence of the person on the ID, it fully replaces face-to-face verifications and a handwritten signature under EU law.

最後，我們推出了 DocuSign ID 驗證 Premier，這是我們的 ID 解決方案層，它滿足最高級別的信任、安全性和合規性。我們在這一層中的第一個產品是歐盟合格電子簽名的身份驗證。通過將身份驗證與身份證明上的人的存在相結合，它完全取代了歐盟法律規定的面對面驗證和手寫簽名。

We look forward to leveraging this powerful offering as we expand our business in Europe. More broadly, our strategy is to partner closely with leading identity services companies to leverage -- to integrate the best breed solutions into our platform. Looking ahead, I'd like to share our vision and thinking on generative AI.

我們期待在拓展歐洲業務時利用這一強大的產品。更廣泛地說，我們的戰略是與領先的身份服務公司密切合作，利用將最好的解決方案集成到我們的平台中。展望未來，我想分享我們對生成式人工智能的願景和思考。

In brief, we believe AI unlocks the true potential of the intelligent agreement category. We already have a strong track record, leveraging sophisticated AI models, having built and shipped solutions based on earlier generations of AI. Generative AI can transform all aspects of agreement workflow, and we are uniquely positioned to capitalize on this opportunity.

簡而言之，我們相信人工智能釋放了智能協議類別的真正潛力。我們已經擁有良好的記錄，利用複雜的人工智能模型，構建並交付了基於前幾代人工智能的解決方案。生成式人工智能可以改變協議工作流程的各個方面，我們擁有獨特的優勢來利用這一機會。

As an early example, we recently introduced a new limited availability feature agreement summarization. This new feature, which is enabled by our integration with Microsoft's Azure Open AI service and tuned with our own proprietary agreement model uses AI to summarize and documents critical components giving signers a clear grasp of the most relevant information within their agreement, while respecting data security and privacy.

作為一個早期的例子，我們最近引入了一個新的有限可用性功能協議摘要。這項新功能是通過與 Microsoft 的 Azure 開放 AI 服務集成實現的，並通過我們自己的專有協議模型進行調整，使用 AI 來總結和記錄關鍵組件，使簽名者能夠清楚地掌握協議中最相關的信息，同時尊重數據安全和隱私。

Future launches will include search across customer agreement libraries extractions from agreements and proposed language and edits based on customer, industry and universal best practices. DocuSign is a trusted partner to leading companies across many industries. As the leader in agreement workflows, we can use AI to deliver important value to customers by leveraging the world's largest set of agreement data, our proprietary agreement models and deep integrations with best-in-class third-party models.

未來的發布將包括跨客戶協議庫進行搜索，從協議和建議語言中提取內容，並根據客戶、行業和通用最佳實踐進行編輯。 DocuSign 是許多行業領先公司值得信賴的合作夥伴。作為協議工作流程的領導者，我們可以通過利用全球最大的協議數據集、我們專有的協議模型以及與一流第三方模型的深度集成，利用人工智能為客戶提供重要價值。

We're excited to showcase new products and enhancements on our intelligent agreement road map, including significant AI-powered innovations at our user conference Momentum. The event will kick off next week in Santa Clara with virtual and in-person events in 8 cities around the globe, over the next few months.

我們很高興能夠在我們的智能協議路線圖上展示新產品和增強功能，包括在我們的用戶大會 Momentum 上由人工智能驅動的重大創新。該活動將於下週在聖克拉拉拉開帷幕，並在接下來的幾個月內在全球 8 個城市舉辦虛擬和現場活動。

Turning to our initiatives around our omnichannel go-to-market. We are continuing to drive deep relationships within our partner ecosystem and enhancing our AI capabilities. We were honored to be showcased in the main keynote of Microsoft's Build Conference, as one of the first companies using Microsoft Azure Open AI.

談談我們圍繞全渠道進入市場的舉措。我們將繼續推動合作夥伴生態系統內的深厚關係，並增強我們的人工智能能力。作為首批使用 Microsoft Azure 開放 AI 的公司之一，我們很榮幸能夠在 Microsoft Build Conference 的主主題演講中亮相。

This further underscores our growing relationship with Microsoft and the opportunities we're seeing to enhance our AI capabilities. During the quarter, we also joined the SAP-endorsed apps program. ESignature has been rigorously tested and validated by SAP to ensure that it seamlessly integrates with SAP solutions, and meets their high standards for quality and performance.

這進一步凸顯了我們與微軟不斷發展的關係以及我們看到的增強人工智能能力的機會。本季度，我們還加入了 SAP 認可的應用程序計劃。 ESignature 已經過 SAP 的嚴格測試和驗證，以確保它與 SAP 解決方案無縫集成，並滿足其質量和性能的高標準。

We're pleased with the progress we're seeing across our partner ecosystem, which will continue to drive further adoption of our products globally. Last quarter, I shared how we are investing in product like growth and self-serve capabilities in order to drive more go-to-market efficiency and deliver a better experience for our customers. This is one of our most important areas of investment, as we evolve how DocuSign goes to market and further integrate our digital, direct and partner selling motions.

我們對合作夥伴生態系統所取得的進展感到高興，這將繼續推動我們的產品在全球範圍內得到進一步採用。上個季度，我分享了我們如何投資增長和自助服務等產品，以提高上市效率並為客戶提供更好的體驗。這是我們最重要的投資領域之一，因為我們不斷發展 DocuSign 的上市方式，並進一步整合我們的數字、直接和合作夥伴銷售活動。

Our digital business had stronger relative performance in Q1, as we launched a number of improvements on our website and within our product experience. These changes were designed to grow traffic, improve conversion rates and drive monetization, and it's just the beginning. Whether it's a small business or a large enterprise, our vision is to make it easy for every type of customer to buy and consume our products in any way they prefer, self-serve, through our direct sales teams or through a partner.

我們的數字業務在第一季度的相對錶現更強，因為我們在網站和產品體驗中推出了許多改進。這些變化旨在增加流量、提高轉化率並推動貨幣化，而這僅僅是開始。無論是小型企業還是大型企業，我們的願景是讓各類客戶能夠通過我們的直銷團隊或合作夥伴以他們喜歡的任何方式（自助服務）輕鬆購買和消費我們的產品。

Turning to our go-to-market execution in the first quarter. We're pleased with how our field team navigated the distractions in Q1, as we rebalanced our approach. However, we are seeing more moderate pipeline and cautious customer behavior, coupled with smaller deal sizes and lower volumes. We recognize, it's a dynamic competitive environment across multiple categories.

轉向我們第一季度的上市執行情況。我們對我們的現場團隊在第一季度克服干擾的方式感到滿意，因為我們重新平衡了我們的方法。然而，我們看到更多的管道和謹慎的客戶行為，加上較小的交易規模和較低的數量。我們認識到，這是一個跨多個類別的動態競爭環境。

We're confident in our premium positioning, especially in complex and high-value use cases. As we've stated, international expansion remains a largely untapped opportunity for us. We're making investments not only with market-specific product innovation like identity verification, but also in stronger local market presence to strengthen our footprint.

我們對我們的高端定位充滿信心，尤其是在復雜和高價值的用例中。正如我們所說，國際擴張對我們來說仍然是一個尚未開發的機會。我們不僅在身份驗證等針對特定市場的產品創新方面進行投資，而且還在更強大的本地市場上進行投資，以加強我們的足跡。

We recently released funding to further invest in Germany and Japan. And in Japan, note, we just went live with our first CLM customer this past quarter. Further supporting our focus on the international expansion, I'm pleased to share that NMR's Group President of Global Connection Services and Credited Fraud Risk at American Express has joined our Board of Directors and as a member of the Audit Committee.

我們最近發放了資金以進一步投資德國和日本。請注意，在日本，我們上個季度剛剛與我們的第一個 CLM 客戶上線。為了進一步支持我們對國際擴張的關注，我很高興地宣布，美國運通的全球連接服務和信用欺詐風險部 NMR 集團總裁已加入我們的董事會並成為審計委員會成員。

She is a fantastic operating executive with deep global experience and will be a great asset to the Board and the leadership team. Finally, I am thrilled with the key hires we've announced to round out our leadership team. Most notably, Blake Grayson will be joining as DocuSign's new CFO next week. Blake's considerable track record and experience in finance leadership roles of category-leading public companies, including Amazon and The Trade Desk make him a very strong addition to the DocuSign leadership team.

她是一位出色的運營主管，擁有豐富的全球經驗，將成為董事會和領導團隊的寶貴財富。最後，我對我們宣布的關鍵任命感到興奮，以完善我們的領導團隊。最值得注意的是，Blake Grayson 將於下週加入 DocuSign，擔任新任首席財務官。 Blake 在 Amazon 和 The Trade Desk 等行業領先的上市公司擔任財務領導職務方面擁有豐富的業績記錄和經驗，這使他成為 DocuSign 領導團隊的有力補充。

I'd also like to take this opportunity to once again thank, you, Cynthia, for her tremendous contributions to DocuSign, as both a Board member and as our CFO for the last 4.5 years. I'm grateful for her partnership and strategic leadership as the company navigated immense change. In closing, we had a solid start to the year with strong financial results, continued traction on the key pillars of our strategic vision to transform agreement workflows and intelligence, and in rounding out our leadership team with high-caliber talent.

我還想藉此機會再次感謝您，Cynthia，在過去 4.5 年裡作為董事會成員和首席財務官為 DocuSign 做出的巨大貢獻。我很感謝她在公司經歷巨大變革時的合作夥伴關係和戰略領導力。最後，我們以強勁的財務業績為今年開了個好頭，繼續推動我們戰略願景的關鍵支柱，以轉變協議工作流程和情報，並用高素質人才完善我們的領導團隊。

We look forward to continuing to share progress, as we execute against our initiatives this year. Now, let me turn the call over to Cynthia to walk through our financial results and outlook.

我們期待在今年執行我們的舉措時繼續分享進展。現在，讓我將電話轉給辛西婭，介紹一下我們的財務業績和前景。

Thank you, Allan, and thanks to everyone for joining the call today. We had a solid start to the year, exceeding our top line and operating margin guidance. We made progress during the quarter, against our priority initiatives and demonstrated leverage in our operating model. We remain focused on delivering value for our customers with easy-to-use high ROI products, which in today's macro environment continues to be increasingly important, as customers look for ways to drive more efficiency in their businesses.

謝謝艾倫，也感謝大家今天加入電話會議。我們今年開局良好，超出了我們的營收和營業利潤率指導。我們在本季度根據我們的優先計劃取得了進展，並展示了我們運營模式的影響力。我們仍然專注於通過易於使用的高投資回報率產品為客戶提供價值，在當今的宏觀環境中，隨著客戶尋求提高業務效率的方法，這一點變得越來越重要。

With that, let me turn to our Q1 fiscal '24 results. For the first quarter, total revenue increased 12% year-over-year to $661 million and subscription revenue grew 12% year-over-year to $639 million. Our international revenue grew 17% year-over-year and reached $168 million for the first quarter, representing 25% of revenue. First quarter billings rose 10% year-over-year to $675 million.

接下來，讓我談談 24 年第一季度財報的結果。第一季度總收入同比增長 12% 至 6.61 億美元，訂閱收入同比增長 12% 至 6.39 億美元。我們的國際收入同比增長 17%，第一季度達到 1.68 億美元，佔收入的 25%。第一季度的營收同比增長 10%，達到 6.75 億美元。

As a reminder, billings can fluctuate quarter-to-quarter due to the timing of deals and complexion of renewals. The macro environment continues to create uncertainty for our customers, and we're seeing the impact of smaller deal sizes and lower expansion rates across the business, as customers scrutinize budgets. Q1 billings outperformance was driven by a higher rate of on-time renewals.

提醒一下，由於交易時間和續訂的複雜性，賬單可能會按季度波動。宏觀環境繼續給我們的客戶帶來不確定性，隨著客戶仔細審查預算，我們看到了較小的交易規模和較低的業務擴張率的影響。第一季度的賬單表現出色是由較高的按時續訂率推動的。

We are encouraged by initial signs of improved sales execution across our installed base. We added approximately 45,000 new customers during the quarter, bringing our total customer base to 1.4 million, a 13% increase year-over-year. This includes the addition of approximately 9,000 direct customers to reach a total direct customer base of 220,000, a 21% year-on-year increase.

我們對整個客戶群銷售執行力改善的初步跡象感到鼓舞。本季度我們增加了約 45,000 名新客戶，使我們的總客戶群達到 140 萬，同比增長 13%。其中包括新增約9,000名直接客戶，使直接客戶總數達到22萬，同比增長21%。

We also saw a 20% year-over-year increase in customers with an annualized contract value greater than $300,000, reaching a total of 1,063 customers. The slight decline quarter-on-quarter was primarily driven by customer buying patterns, lower expansion rates and partial churn.

年化合同金額超過 30 萬美元的客戶數量同比增長 20%，達到 1,063 家。季度環比小幅下降主要是由於客戶購買模式、擴張率下降和部分客戶流失造成的。

Dollar net retention was 105% for the quarter. We continue to see headwinds impacting our expansion rates coupled with muted customer buying patterns, in a tough macro environment as budgets remain under scrutiny and customers optimize existing spend. Looking ahead, we expect the Q2 dollar net retention rate to continue to experience downward pressure.

本季度美元淨保留率為 105%。在嚴峻的宏觀環境下，我們繼續看到影響我們擴張速度的不利因素，加上客戶購買模式低迷，因為預算仍受到嚴格審查，客戶優化現有支出。展望未來，我們預計第二季度美元淨保留率將繼續面臨下行壓力。

From a vertical perspective, we saw pockets of relative strength within insurance and business services highlighting the importance of our diverse customer base and durability of our model, while we continue to see headwinds across financial services and real estate. Non-GAAP gross margin for the first quarter was 83% compared with 81% a year ago.

從垂直角度來看，我們看到保險和商業服務領域的相對優勢凸顯了我們多元化客戶群和模型持久性的重要性，同時我們繼續看到金融服務和房地產領域的不利因素。第一季度非 GAAP 毛利率為 83%，而去年同期為 81%。

First quarter subscription gross margin was 85% compared with 84%, a year ago. Q1 non-GAAP operating income reached $176 million compared with $102 million, last year. We delivered a record non-GAAP operating margin of 27% compared to 17% last year. This year-on-year improvement demonstrates our focus on profitability and the leverage in our business model.

第一季度訂閱毛利率為 85%，而去年同期為 84%。第一季度非 GAAP 營業收入達到 1.76 億美元，去年同期為 1.02 億美元。我們的非 GAAP 營業利潤率達到創紀錄的 27%，而去年為 17%。這一同比改善表明我們對盈利能力和業務模式槓桿的關注。

We remain committed to investing in a disciplined way to transform broader agreement workflows that will drive our top line over time. As we move through the year and execute against our operating plan, we expect a quarterly decrease in operating margin. Non-GAAP net income for Q1 was $150 million compared with $77 million in the first quarter of 2023.

我們仍然致力於以嚴格的方式進行投資，以改變更廣泛的協議工作流程，這將隨著時間的推移推動我們的營收增長。隨著我們全年的運營並執行我們的運營計劃，我們預計運營利潤率將按季度下降。第一季度非 GAAP 淨利潤為 1.5 億美元，而 2023 年第一季度為 7700 萬美元。

The fiscal 2024 non-GAAP tax rate remains at 20%. Q1 non-GAAP EPS was $0.72. We ended Q1 with 6,586 employees compared to 7,642, the year prior. Operating cash flow in the first quarter grew 19% year-over-year to a record high of $234 million or a 35% margin. This compares with $196 million or 33% in the same quarter a year ago. Q1 collections were at an all-time high, benefiting from seasonality and enhanced automation and operational efficiency.

2024 財年非 GAAP 稅率仍為 20%。第一季度非 GAAP 每股收益為 0.72 美元。截至第一季度末，我們擁有 6,586 名員工，而去年同期為 7,642 名。第一季度運營現金流同比增長 19%，達到創紀錄的 2.34 億美元，利潤率達 35%。相比之下，去年同期為 1.96 億美元，增幅為 33%。受益於季節性以及自動化和運營效率的提高，第一季度的產品系列達到歷史最高水平。

Operating cash flow includes onetime cash expenses of $20 million in Q1 related to the 2024 restructuring plan, we announced in February. Free cash flow for the quarter was $215 million or a 32% margin compared to $175 million or 30% in the prior year, a 23% year-on-year increase. We exited Q1 with more than $1.4 billion in cash, cash equivalents, restricted cash and investments.

我們在 2 月份宣布，運營現金流包括第一季度與 2024 年重組計劃相關的 2000 萬美元一次性現金支出。本季度自由現金流為 2.15 億美元，利潤率 32%，而上年同期為 1.75 億美元，利潤率 30%，同比增長 23%。第一季度結束時，我們持有超過 14 億美元的現金、現金等價物、限制性現金和投資。

Turning to our share repurchase program. We repurchased over 700,000 shares during the quarter for approximately $40 million, which demonstrates our confidence in the durability of our business. As a reminder, we have strong cash flow and an attractive balance sheet that gives us flexibility to optimize our capital structure with a focus on opportunistically returning capital to our shareholders.

轉向我們的股票回購計劃。我們在本季度以約 4,000 萬美元的價格回購了超過 700,000 股股票，這表明我們對業務的持久性充滿信心。提醒一下，我們擁有強勁的現金流和有吸引力的資產負債表，使我們能夠靈活地優化資本結構，重點關注機會性地將資本返還給股東。

With that, let me turn to our Q2 and fiscal '24 guidance. While we are pleased with our Q1 financial results, it is still early in the year, and we remain cautious in our outlook, given moderating expansion rates and slowing customer demand, driven by the uncertainty in the current macro environment and continued competition, particularly in more basic eSignature use cases.

接下來，讓我談談我們的第二季度和 24 財年指導。雖然我們對第一季度的財務業績感到滿意，但現在還處於今年初期，考慮到當前宏觀環境的不確定性和持續的競爭（特別是在競爭方面），擴張速度放緩和客戶需求放緩，我們對前景保持謹慎更基本的電子簽名用例。

For the second quarter and fiscal year '24, we anticipate total revenue of $675 million to $679 million in Q2 or growth of 8% to 9% year-over-year. And $2.713 billion to $2.725 billion for fiscal '24 or a growth of 8% year-on-year. Of this, we expect subscription revenue of $658 million to $662 million in Q2 or growth of 9% year-on-year and $2.64 billion to $2.652 billion for fiscal '24 or growth of 8% to 9% year-over-year.

對於第二季度和 24 財年，我們預計第二季度總收入為 6.75 億美元至 6.79 億美元，同比增長 8% 至 9%。 '24 財年為 27.13 億至 27.25 億美元，同比增長 8%。其中，我們預計第二季度訂閱收入為 6.58 億美元至 6.62 億美元，同比增長 9%；24 財年訂閱收入為 26.4 億美元至 26.52 億美元，同比增長 8% 至 9%。

For billings, we expect $646 million to $656 million in Q2 or flat to 1% growth year-over-year and $2.737 billion to $2.757 billion for fiscal '24 or growth of 3% to 4% year-over-year. We expect non-GAAP gross margin to be 81% to 82% for both Q2 and fiscal '24. We expect non-GAAP operating margin to reach 24% to 25% for Q2 and 22% to 24% for fiscal '24. We expect non-GAAP fully diluted weighted average shares outstanding of 207 million to 212 million for both Q2 and fiscal '24.

對於營業額，我們預計第二季度的營業額為 6.46 億美元至 6.56 億美元，同比增長 1%；24 財年的營業額為 27.37 億美元至 27.57 億美元，同比增長 3% 至 4%。我們預計第二季度和 24 財年的非 GAAP 毛利率將為 81% 至 82%。我們預計第二季度非 GAAP 營業利潤率將達到 24% 至 25%，24 財年將達到 22% 至 24%。我們預計第二季度和 24 財年的非 GAAP 完全稀釋加權平均流通股數量為 2.07 億至 2.12 億股。

We're pleased with the financial results in Q1, along with the resilience and focus the team has demonstrated as we continue to evolve the business. We maintain a disciplined and focused approach to delivering profitability at scale, as we invest for the long term. In closing, I want to thank our amazing team for their commitment to delivering for our customers and partners and driving forward the vision for smarter, easier and trusted agreements.

我們對第一季度的財務業績以及團隊在我們繼續發展業務時所表現出的彈性和專注感到滿意。當我們進行長期投資時，我們保持嚴格且專注的方法來實現大規模盈利。最後，我要感謝我們出色的團隊致力於為我們的客戶和合作夥伴提供服務，並推動實現更智能、更簡單和值得信賴的協議的願景。

On a personal note, the last 4.5 years has been an incredible adventure, helping the company operationalize tremendous growth at scale, while providing a stabilizing force through unprecedented change. I'm looking forward to what comes next and to seeing DocuSign continue to be the innovator of defining how the world agrees. With that, we will open up the call for questions. Operator?

就個人而言，過去 4.5 年是一次令人難以置信的冒險，幫助公司實現了大規模的巨大增長，同時通過前所未有的變革提供了穩定力量。我期待著接下來發生的事情，並看到 DocuSign 繼續成為定義世界如何達成一致的創新者。至此，我們將開始提問。操作員？

(Operator Instructions). Our first question comes from Tyler Radke with Citigroup.

（操作員說明）。我們的第一個問題來自花旗集團的泰勒·拉德克（Tyler Radke）。

This is Kylie Towbin on for Tyler Radke. First off, Cynthia, I just wanted to say congratulations, and thank you for your time, and you'll be missed. And on that note, too, with Blake starting next week and the additions of Dimitri and Kurt too, would love to be hear about sort of all of their biggest areas of initial focus.

我是凱莉·托賓 (Kylie Towbin) 替泰勒·拉德克 (Tyler Radke) 配音。首先，辛西婭，我只想表示祝賀，並感謝您抽出寶貴的時間，我們會想念您的。在這一點上，布雷克下週開始，迪米特里和科特也加入，他們很想听聽他們最初關注的所有最大領域。

Yes. Well, so Blake will obviously step into Cynthia's shoes and take on the CFO responsibilities. So this will be about executing our operating plan, helping us uncover both top line and bottom line opportunities. And in general, excluding our strategic road map. I think Dimitri will lead our product teams. So reporting to Inhi Cho Suh, President of Product and Technology.

是的。嗯，所以布萊克顯然將接替辛西婭並承擔首席財務官的職責。因此，這將是關於執行我們的運營計劃，幫助我們發現頂線和底線機會。總的來說，不包括我們的戰略路線圖。我認為迪米特里將領導我們的產品團隊。因此向產品和技術總裁 Inhi Cho Suh 匯報。

He has very deep, strong background from a number of different enterprise software companies, and he's been a real category creator and innovator. We're thrilled to have attracted him. Obviously, product vision and leadership is incredibly important to our future. So this was a key hire for us, and we're delighted to have Dimitri on board.

他擁有來自多家不同企業軟件公司的深厚而強大的背景，他是一位真正的品類創造者和創新者。我們很高興能吸引他。顯然，產品願景和領導力對我們的未來非常重要。因此，這對我們來說是一次關鍵的招聘，我們很高興迪米特里加入。

And Kurt is leading our security organization, which has enormous implications both from a risk and compliance perspective. We have particular -- given the nature of our business of managing highly sensitive documents and processes, it's essential that we maintain the trust of our customers. I think, we've done a good job of that so far. I think Kurt will -- it's a critical role with obviously responsibility to maintain and further grow that as we delve deeper into agreement workflows.

Kurt 領導著我們的安全組織，從風險和合規角度來看，這都具有巨大的影響。考慮到我們管理高度敏感文檔和流程的業務性質，我們特別需要保持客戶的信任。我認為，到目前為止我們在這方面做得很好。我認為庫爾特將——這是一個關鍵角色，隨著我們深入研究協議工作流程，他顯然有責任維持和進一步發展這一角色。

Great. And just one more maybe for Cynthia. With the [8 point beat] on billings this quarter, how did the early renewals trend relative to your expectations? And with the full year raised a little bit less than the beat, is it fair to say that the amount you raised guidance was operational beat and the rest was potentially pulled forward?

偉大的。也許還有一個是給辛西婭的。本季度的賬單[8個百分點]，提前續訂趨勢與您的預期相比如何？由於全年籌集的資金略低於預期，是否可以公平地說，您籌集的指導金額是運營預期，其餘的可能會提前？

Yes. Thanks, Kylie, and thanks for the kind words. So I think, we were really pleased with the performance in Q1 and particularly on billings. The beat on billings was mainly due to strength we saw in on-time renewals, which means the team did a great job executing across our installed base. And so we saw less on the early renewal front.

是的。謝謝凱莉，也謝謝你的客氣話。所以我認為，我們對第一季度的表現非常滿意，特別是在賬單方面。賬單的增長主要是由於我們在按時續訂方面看到的實力，這意味著團隊在我們的安裝基礎上執行得很好。因此，我們在早期更新方面看到的較少。

And so that is factored into the guide. So, I would say that's probably the driving force of what we're seeing. When you think about kind of the push through on the guide, I would say that's really colored by the dynamics we're currently seeing in the business and some of the softness that I talked about in the prepared remarks around expansion rates and some of the other metrics. So, we think the guide is reasonable for what we're seeing, but the Q1 beat was mainly driven by on-time renewals in the installed base.

因此，這已納入指南中。所以，我想說這可能是我們所看到的驅動力。當你考慮指南中的推動方式時，我想說，這確實是由我們目前在業務中看到的動態以及我在準備好的有關擴張率和一些其他指標。因此，我們認為該指南對於我們所看到的情況是合理的，但第一季度的增長主要是由安裝基礎的按時更新推動的。

Our next question comes from Brad Sills with Bank of America.

我們的下一個問題來自美國銀行的布拉德·希爾斯。

Sorry, I think I was on mute. My apologies. Sorry. The question is on -- good luck, Cynthia. It's been great working with you. I wanted to ask a question around Agreement Cloud. I know it's still early here, but where is the focus there? There are some components that I believe are already -- you're already well positioned for upsell into the base, like eNotary and Analyzer. So just curious if that's an area of focus increasingly from here?

抱歉，我想我處於靜音狀態。我很抱歉。對不起。問題是——辛西婭，祝你好運。和你一起工作真是太好了。我想問一個有關Agreement Cloud 的問題。我知道現在還為時過早，但是重點在哪裡呢？我相信有些組件已經準備好了——您已經做好了向基礎追加銷售的準備，例如 eNotary 和 Analyzer。所以只是好奇這是否是這裡越來越關注的一個領域？

Yes. So we are focused on delivering a full suite of workflow tools across the agreement journey. And then, an intelligence layer that can assist really at every stage. I think, we've shipped components of that in the past, but I think we're really looking to bring all of that together and fully fill out that suite, if you will.

是的。因此，我們專注於在整個協議過程中提供全套工作流程工具。然後，一個智能層可以在每個階段提供真正的幫助。我認為，我們過去已經交付了其中的組件，但我認為我們真的希望將所有這些整合在一起並完全填充該套件，如果你願意的話。

We'll do a lot of that work this year, some of the releases that you saw in Q1, very much emblematic of that. I'd add to that, that I think the biggest change in our road map beyond that clear focus and articulation on agreement workflow is really the advent of generative AI. We've been working on AI for several years. As you know, we have products like Insights that leverage earlier generations of AI models.

今年我們將做很多這樣的工作，您在第一季度看到的一些版本非常具有像徵意義。我想補充一點，我認為除了明確的重點和對協議工作流程的闡述之外，我們路線圖的最大變化實際上是生成人工智能的出現。我們多年來一直致力於人工智能。如您所知，我們擁有像 Insights 這樣的產品，利用了前幾代人工智能模型。

But given the enormous change there, that's a fantastic opportunity to really unlock the category. And so, we're investing very heavily there. We released some new products, and we'll release more next week at Momentum, but I'm sure we'll talk more about AI during the call. So I'll stop there.

但考慮到那裡發生的巨大變化，這是真正解鎖該類別的絕佳機會。因此，我們在那裡投入了大量資金。我們發布了一些新產品，下週我們將在 Momentum 上發布更多產品，但我相信我們會在電話會議中更多地討論人工智能。所以我就到此為止。

Our next question comes from Mark Murphy with JPMorgan.

我們的下一個問題來自摩根大通的馬克·墨菲。

Cynthia, could you just remind us, what is it mechanically that caused the subscription revenue to decline a little sequentially in Q1? And then, returning to some amount of sequential growth in Q2. I know there was an element of -- similar to that last year, but I'm just wondering if there is anything anomalous in Q1? Or is that a pattern that would recur seasonally, as we get into Q1 of next year?

Cynthia，您能否提醒我們，是什麼導致第一季度訂閱收入環比略有下降？然後，第二季度恢復一定程度的連續增長。我知道有一個與去年類似的元素，但我只是想知道第一季度是否有任何異常？或者，當我們進入明年第一季度時，這種模式會季節性地重複出現嗎？

Yes. So Q1 is a good observation. It's mainly due to the number of days. There's fewer days in the quarter in Q1. So, this Q1 had a few less days than other quarters. And so, that's the main factor there. I think, the revenue per day is up, but the function of days in the quarter impact that for this particular Q1.

是的。所以 Q1 是一個很好的觀察結果。主要是因為天數的原因。第一季度該季度的天數較少。因此，第一季度比其他季度少了幾天。所以，這是主要因素。我認為，每天的收入有所增加，但該季度的天數函數會影響第一季度的收入。

Okay. And just as a quick follow-up. How is the behavior, if you drill down into the real estate verticals and if you think about it across residential, both residential and commercial, is there any sign there that might cause you to think there could be some firming up as -- perhaps as interest rates stabilize or just having better performance in the equity markets? Is there any signaling there that is creating a sense of stability or optimism, maybe as you get closer to the second half?

好的。就像快速跟進一樣。如果你深入研究房地產垂直領域，如果你考慮整個住宅區，無論是住宅區還是商業區，這種行為是怎樣的，是否有任何跡象可能會讓你認為可能會有一些鞏固——也許是利率穩定還是只是股市表現更好？是否有任何信號可以營造一種穩定或樂觀的感覺，也許隨著下半場的臨近？

Yes. I mean it's a good question, and we're certainly not economists, but I would say, in general, in our prepared remarks, we covered this, but the macro we are seeing kind of customer sentiment across the base. I think for DocuSign, we have a diversified customer base, which really helps us, in up and down markets.

是的。我的意思是，這是一個很好的問題，我們當然不是經濟學家，但我想說，總的來說，在我們準備好的發言中，我們涵蓋了這一點，但從宏觀角度來看，我們看到了整個基礎上的客戶情緒。我認為對於 DocuSign 來說，我們擁有多元化的客戶群，這對我們無論在市場上行還是下行都有很大幫助。

I would say real estate and pockets of financial services continue to be softer than some of the other verticals like manufacturing or business services, which were stronger. So I would just say, I don't know that we can prognosticate like what the future holds there. But we do have a diversified customer base that does help insulate our business given the long tail there. But real estate definitely is continuing to show softness along with other sectors or subsectors that have interest rate or mortgage exposure in this environment.

我想說，房地產和部分金融服務業繼續比製造業或商業服務業等其他一些行業更疲軟，後者的表現更為強勁。所以我只想說，我不知道我們是否可以預測未來會怎樣。但我們確實擁有多元化的客戶群，考慮到那裡的長尾，這確實有助於隔離我們的業務。但在這種環境下，房地產與其他具有利率或抵押貸款風險的行業或子行業肯定會繼續表現疲軟。

Our next question comes from Brent Thill with Jefferies.

我們的下一個問題來自 Jefferies 的布倫特·希爾 (Brent Thill)。

Just following up on the overall environment. I mean, would you characterize what you're seeing now is pretty consistent with what you saw last quarter? Or if things stabilized, maybe improved a little bit? Just trying to understand the shape of what you've seen quarter-over-quarter?

只是跟進整體環境。我的意思是，您認為現在所看到的情況與上季度所看到的情況非常一致嗎？或者如果情況穩定下來，也許會有所改善？只是想了解您所看到的季度環比情況？

I think, the macro environment is relatively consistent. And I would say digging in a little deeper, if you look at it -- let's start with segments, maybe slightly better performance in the SMB segment than in the enterprise segment. I think part of that is larger companies just tend to be more immediately sensitive to the business cycle. They also have centralized purchasing departments and other ways of, I should say, tightening spending very -- in a directed way.

我認為，宏觀環境是比較一致的。我想說，如果你看一下的話，再深入一點——讓我們從細分市場開始，中小企業細分市場的表現可能比企業細分市場稍好一些。我認為部分原因是大公司往往對商業周期更加敏感。他們還設有集中採購部門和其他方式，我應該說，非常有針對性地緊縮支出。

So that subtle change, I'd say maybe slightly more pronounced this quarter than the previous quarter. We continue to grow faster internationally than domestically, but I don't think that that's a material change. And from a vertical perspective, as Cynthia mentioned, some strength, but I think those are the much the same sectors that we're doing a little better last time and parts of financial services, obviously, a little bit more challenged, but by no means all, by the way.

我想說，這種微妙的變化本季度可能比上一季度稍微明顯一些。我們在國際上的增長速度繼續快於國內，但我不認為這是一個實質性的變化。從垂直角度來看，正如辛西婭提到的，有一些優勢，但我認為這些領域與我們上次做得更好一點的領域以及金融服務的部分領域，顯然面臨更大的挑戰，但絕不是這樣。順便說一下，意思是全部。

So it's localized, I'd say, real estate and a few other things. So overall, it's a pretty balanced picture. I wouldn't say, there were major changes in our environment. We are, of course, hoping to induce more change in the environment for our product road map, and we're excited with the new releases that we had. And you will see a very rapid pace of new releases over the next few quarters. And so, we have to disrupt that beyond the macro.

所以我想說，房地產和其他一些東西都是本地化的。總的來說，這是一幅非常平衡的畫面。我不會說，我們的環境發生了重大變化。當然，我們希望為我們的產品路線圖帶來更多環境變化，並且我們對新版本感到興奮。在接下來的幾個季度中，您將看到新版本的發布速度非常快。因此，我們必須在宏觀層面之外打破這種局面。

Great. And just a quick follow-up for Cynthia. 27% margin in the quarter, yet you're guiding to 23% for the year. Why such a big step down throughout the year?

偉大的。這是辛西婭的快速跟進。本季度利潤率為 27%，但您預計全年利潤率為 23%。為什麼全年降幅如此之大？

Yes. So I mean, we outperformed margin by quite a bit in Q1. And I think, it really does demonstrate what we've been talking about for a while now, which is leveraging our business model. It's amazing when you don't spend money, you can make a lot of money. But that being said, we're focused on profitability, but also executing on the investments in a disciplined way.

是的。所以我的意思是，我們在第一季度的表現遠遠好於利潤率。我認為，它確實證明了我們一段時間以來一直在談論的內容，即利用我們的商業模式。不用花錢就能賺很多錢，真是太神奇了。但話雖這麼說，我們專注於盈利能力，但也以嚴格的方式執行投資。

And I think you kind of saw that in Q1. However, as I mentioned in the prepared remarks, our expectation is to continue to invest as we move through the year. We got a little bit slower start, as we kind of evaluate it coming into the year to that spend, but we expect to kind of catch up. And so when you get to the end of the year -- by quarter, the margin should go down by quarter, which is implied in our guide.

我想你在第一季度就看到了這一點。然而，正如我在準備好的發言中提到的，我們的期望是在今年繼續投資。我們的起步有點慢，因為我們對今年的支出進行了評估，但我們希望能夠趕上。因此，當你到年底時，按季度計算，利潤率應該按季度下降，這在我們的指南中是隱含的。

But then, also the run rate and (inaudible) going into next year, like we'll be fully invested against that. So that's the thought process. But we'll be disciplined. We're still in the long-term target range. And we're raising the year by 1 point relative to where we were 90 days ago. So, we're really pleased with that, but we will invest for the long-term opportunity.

但是，還有明年的運行率和（聽不清），就像我們將對此進行充分投資一樣。這就是思考過程。但我們會遵守紀律。我們仍處於長期目標範圍內。與 90 天前相比，我們將年份提高了 1 個百分點。因此，我們對此感到非常滿意，但我們會為長期機會進行投資。

Our next question comes from Alex Zukin with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Alex Zukin。

Maybe just the first one, Allan, you kind of teased on wanting to talk a little bit more about AI. So, I'll kind of zoom out a little bit and just ask, if you think about the priority list for the company to reinvigorate the growth engine, stack rank in your mind, like is it new products? Is it AI monetization? Is it the PLV opening up kind of the umbrella like stack rank, if you would? Your strategic thought process on how to kind of reaccelerate growth for the business? And then, I've just got a quick follow-up.

也許只是第一個，Allan，你開玩笑說想要更多地談論人工智能。所以，我會稍微縮小一點，問一下，你是否考慮過公司重振增長引擎的優先順序，在你的腦海中堆疊排名，比如它是新產品嗎？是人工智能貨幣化嗎？如果你願意的話，PLV 是否會像堆棧等級一樣打開傘？您關於如何重新加速業務增長的戰略思維過程？然後，我剛剛得到了快速跟進。

Yes, it's a good question. I mean, I think these things all impact us in different time frames, right? So, I think we -- overall, I would say, product innovation is going to be the biggest driver and unlocker of our medium- to long-term growth. We do believe that we have very credible low-hanging fruit from better execution on our self-serve and product-backed growth motion. And so, that's a top priority to drive greater efficiency in the near to medium term.

是的，這是一個好問題。我的意思是，我認為這些事情都會在不同的時間範圍內影響我們，對吧？因此，我認為，總的來說，我想說，產品創新將成為我們中長期增長的最大驅動力和解鎖器。我們確實相信，通過更好地執行我們的自助服務和產品支持的增長計劃，我們將獲得非常可靠的唾手可得的成果。因此，這是中短期內提高效率的首要任務。

I think the AI impact is perhaps the biggest in the long term. And we are starting to ship products, as I alluded to, and we'll announce more next week. But in terms of its overall impact on the business, I think it's still behind the other two in the -- in the near to medium term. But in terms of the long-term potential of our category of agreement workflow, I think it's a massive unlock and a fantastic opportunity for DocuSign.

我認為從長遠來看，人工智能的影響可能是最大的。正如我提到的，我們正在開始發貨產品，我們將在下周宣布更多產品。但就其對業務的整體影響而言，我認為在中短期內它仍然落後於其他兩個。但就我們協議工作流程類別的長期潛力而言，我認為這對 DocuSign 來說是一個巨大的釋放和絕佳的機會。

And I think, we're exceptionally well positioned. So -- maybe one other comment about that, if you think about the -- lots of companies talk about AI. And there are commercial AI models available at the consumer level and to really any enterprise will pay the fee. We believe that our opportunity is both category specifically just lends itself to AI, and we -- at every stage.

我認為，我們處於非常有利的位置。所以——如果你想一想，也許還有對此的另一條評論——很多公司都在談論人工智能。消費者層面上有商業人工智能模型，實際上任何企業都會支付費用。我們相信，我們的機會既適合人工智能，又適合我們——在每個階段。

But then, if you look at DocuSign, we have deep experience built over multiple years of building agreement-specific models. It's not the same as drafting a high school essay. And we have a deep expertise and the level of accuracy that's required there. We also have the largest data set of agreements of any company, I think, on earth, which puts us in a position to help our clients extract more value out of AI models.

但是，如果你看看 DocuSign，我們在多年來構建特定於協議的模型方面積累了豐富的經驗。這與起草高中論文不同。我們擁有深厚的專業知識和所需的準確性。我認為，我們還擁有地球上最大的公司協議數據集，這使我們能夠幫助我們的客戶從人工智能模型中獲取更多價值。

And then lastly, we are, of course, executing very deliberately and intentionally on partnerships with the leading cloud vendors and taking full advantage of the innovation that they're powering. So -- to our work with Microsoft, and we are, of course, talking to the others as well. So...

最後，我們當然非常有意識地與領先的雲供應商建立合作夥伴關係，並充分利用他們所支持的創新。因此，對於我們與微軟的合作，我們當然也在與其他公司進行交流。所以...

Super clear answer and very interesting. Maybe just as a follow-up, Cynthia, it's a bit unusual to hear about outperformance on billings driven by in line renewal trends. We've heard it before on early renewals, but it implies that a year ago, your renewal trends were either below seasonal average or that your guidance was kind of intensing on below plan renewal.

超級清晰的答案而且非常有趣。也許作為後續行動，辛西婭，聽到在線續訂趨勢推動的賬單表現出色有點不尋常。我們之前聽說過有關提前續訂的說法，但這意味著一年前，您的續訂趨勢要么低於季節性平均水平，要么您的指導在低於計劃續訂方面有所加強。

So maybe, can you just help us understand how do you set that plan? And for the rest of the year, are you assuming that renewals come in at the rate they came in, in Q1? Or are you assuming a bit worse? Just help us kind of understand that dynamic for the rest of the year.

那麼也許您能幫助我們了解您是如何制定該計劃的嗎？在今年剩下的時間裡，您是否假設續訂量會按照第一季度的速度進行？或者你假設情況更糟？只是幫助我們了解今年剩餘時間的動態。

Yes. Thanks for the question. It is a good one, and I agree with you. It is a bit unusual. But I think the dynamic is for software companies, with subscription models, you have a certain level of on-time renewals, early renewals, late renewals. They're spill in and spill over every quarter. And, we model it out pretty granularly. And so, I think what we saw in Q1 is the dynamic of two things with on-time renewals, which means renewals that don't fall into the grace period and spill over to the following quarter.

是的。謝謝你的提問。這是一件好事，我同意你的觀點。這有點不尋常。但我認為對於軟件公司來說，動態是通過訂閱模式，你有一定程度的按時續訂、提前續訂、延遲續訂。它們每個季度都會溢出來。而且，我們對其進行了非常精細的建模。因此，我認為我們在第一季度看到的是按時續訂的兩件事的動態，這意味著續訂不會進入寬限期並溢出到下一個季度。

So, our rate of renewal is consistent. And so it's really a timing of deals. And those deals for on-time renewals more landed in Q1, which means in Q2, the implication is there's less spill over into Q2. So that is now baked into the guide. We think it's attributable to two things: one is execution by the team that focuses on the installed base, better execution and kind of closing what's in front of them, which is great. And, we're really pleased with that.

所以，我們的更新率是一致的。所以這確實是一個交易時機。這些按時續約的交易更多地發生在第一季度，這意味著在第二季度，這意味著溢出到第二季度的數量較少。因此，現在已將其納入指南中。我們認為這歸因於兩件事：一是團隊的執行力專注於安裝基礎，更好的執行力以及某種程度的關閉他們面前的東西，這很棒。而且，我們對此感到非常滿意。

And then I think the other is there is a macro dynamic of less early renewals. So customers are really scrutinizing their budgets. And, when you look at kind of things like expansion rates and deal sizes and volumes, those are coming down. And so again, that's all baked into the guidance, but I would look at the outperformance on billings in Q1 at the timing piece. And again, it's baked into our full year guide, and that's why you're seeing kind of partial push through relative to other options there.

然後我認為另一個是早期續約較少的宏觀動態。因此，客戶確實在仔細審查他們的預算。而且，當你觀察擴張率、交易規模和數量等因素時，你會發現這些都在下降。再說一遍，這些都已納入指導中，但我會在計時部分關注第一季度的賬單表現。再說一次，它被納入我們的全年指南中，這就是為什麼你會看到相對於其他選項的部分推動。

I would just add to that, that we were very intentional, obviously, about encouraging our teams to focus on renewals and on consumption within our existing contracts. And so, I just want to echo what Cynthia said that we made some adjustments there in terms of our -- with our organization and our incentive models, and I think that was helpful as well. So kudos to Steve and his team.

我想補充一點，顯然，我們非常有意鼓勵我們的團隊專注於現有合同的續約和消耗。因此，我只想回應辛西婭所說的，我們在我們的組織和激勵模式方面做了一些調整，我認為這也很有幫助。感謝史蒂夫和他的團隊。

Our next question comes from Shebly Seyrafi with FBN Securities.

我們的下一個問題來自 FBN 證券公司的 Shebly Seyrafi。

Allan, can you talk about the potential for the company to become a double-digit revenue growth company again? I note, that the guidance for billings this year embeds around 3% to 4% growth, which is less than half of your revenue growth, expected this year. So I think, in response to Alex's question, you talked about product innovation, self-service, like near-term growth drivers and AI longer term and could be the biggest.

艾倫，您能談談該公司再次成為兩位數收入增長公司的潛力嗎？我注意到，今年的賬單指導包含約 3% 至 4% 的增長，這不到今年預期收入增長的一半。所以我認為，在回答亞歷克斯的問題時，你談到了產品創新、自助服務，比如近期的增長動力和長期的人工智能，這可能是最大的。

So I'm just wondering, if things deal with AI in, I don't know, a few years from now. Just talk about the potential for the revenue growth to be double digits again.

所以我只是想知道，我不知道幾年後是否會涉及人工智能。就說說收入再次兩位數增長的潛力吧。

Yes. Well, so just to go back in time, I think year '23 was a year of change for DocuSign -- fiscal '23 last year was a lot of change. As I said on previous earnings call, this year is really about setting the foundation for growth. And that is still true, and we're starting to really make good progress, I think, on that foundation. We are very excited about the long-term potential, and we are reshaping the company to deliver on that.

是的。好吧，回顧過去，我認為 23 年對於 DocuSign 來說是變化的一年——去年的 23 財年發生了很多變化。正如我在之前的財報電話會議上所說，今年確實是為增長奠定基礎的一年。這仍然是事實，我認為，在此基礎上我們開始真正取得良好進展。我們對長期潛力感到非常興奮，我們正在重塑公司以實現這一目標。

But that kind of transformation is not achieved overnight. So we're not changing our guidance beyond what we're providing guidance for next year at this time. But I'd say, all the early signs in terms of our initiatives in product innovation, self-serve, as you mentioned, the growth of the partner channel and operational efficiency, I think all of those will contribute to that.

但這種轉變不是一朝一夕就能實現的。因此，除了我們目前為明年提供的指導之外，我們不會改變我們的指導。但我想說，正如您提到的，我們在產品創新、自助服務方面的舉措、合作夥伴渠道的增長和運營效率方面的所有早期跡象，我認為所有這些都將對此做出貢獻。

But, we believe we have a very strong opportunity that AI could be an incremental unlock beyond the core momentum in the business. So more to come, when we're ready to share next year targets later in the year.

但是，我們相信我們有一個非常好的機會，人工智能可以成為超越業務核心動力的增量解鎖。當我們準備在今年晚些時候分享明年的目標時，還會有更多的事情發生。

Okay. As a follow-up, the product revenue or innovation that you alluded to, is that referring to the three new releases, the web forms to highly regulated markets and ID? Or -- and add some additional products perhaps later this year? Just elaborate on what you mean by the product innovation?

好的。作為後續，您提到的產品收入或創新，是指三個新版本、高度監管市場的網絡表單和 ID 嗎？或者——也許在今年晚些時候添加一些額外的產品？請詳細說明一下您所說的產品創新是什麼意思？

Yes. I think overall, my goal has been to dramatically improve our pace of innovation and pace of product releases. And so, I think we did a good job of that in Q1, and there's more to come here in Q2. In fact, we'll share some parts of our Q2 releases next week at our user conference. So, I look at that at every quarter, you'll see pretty meaningful new functionality across our vision of delivering agreement workflow.

是的。我認為總的來說，我的目標是大幅提高我們的創新速度和產品發布速度。因此，我認為我們在第一季度做得很好，第二季度還有更多工作要做。事實上，我們將在下週的用戶大會上分享第二季度版本的部分內容。因此，我每個季度都會查看這一點，您會在我們交付協議工作流程的願景中看到非常有意義的新功能。

Some of the things that I'm most excited about that we intend to deliver this fiscal year, but a little further out, include things like searching across your repository of agreements. As you can imagine, an incredibly important functionality. No one really delivers that today. I think, we are -- we're excited to do that before the end of the year. Another example of something more evocative and enabling the future growth of the categories, we call orchestration, which basically enables you to pick components of the DocuSign suite and any third-party app that we interface with and combine them in ways that are custom for your organization and workflow.

我最興奮的是，我們打算在本財年交付一些更遠的事情，包括搜索協議存儲庫之類的事情。正如您可以想像的那樣，這是一個非常重要的功能。今天沒有人真正做到這一點。我認為，我們很高興能在今年年底之前做到這一點。另一個更令人回味並促進類別未來增長的例子，我們稱之為編排，它基本上使您能夠選擇 DocuSign 套件的組件以及我們與之交互的任何第三方應用程序，並以適合您的定制方式將它們組合起來。組織和工作流程。

We've had a lot of increase for that over the years. No one has ever delivered that in the agreement space, and we intend to do that. So those are examples of things that are more evocative and could unlock the full potential of the category.

多年來我們在這方面已經有了很大的增長。從來沒有人在協議範圍內實現過這一點，我們打算這樣做。因此，這些都是更能喚起人們共鳴的例子，可以釋放該類別的全部潛力。

Our next question comes from Rob Owens with Piper Sandler.

我們的下一個問題來自 Rob Owens 和 Piper Sandler。

Great. I think building on Brent's question a little earlier. I just wanted to better understand the pace of spend, as we move throughout the year because I guess 90 days ago, you had an operating margin that was at the low end, ramping throughout the year. And now, the inverse is happening where you have the high watermark in Q1 and incremental spend. So just trying to understand, was there a change relative to spend trying to accelerate incremental products or what's going on from that perspective?

偉大的。我認為早些時候就以布倫特的問題為基礎。我只是想更好地了解支出的節奏，因為我們全年都在變化，因為我猜 90 天前，您的營業利潤率處於低端，全年都在上升。現在，相反的情況正在發生，第一季度的水位線和增量支出都很高。因此，我想了解一下，與嘗試加速增量產品的支出相比是否存在變化，或者從這個角度來看發生了什麼？

Yes. I think in Q1, I mean, again, it's a good observation. I think in Q1, we saw lower spend across categories. So we just got a slower start to the year. So part of it was across the investment areas and the key priorities and higher net new hiring kind of got off to a slower start. However, we expect that to kind of ramp, as we move through the year.

是的。我認為在第一季度，我的意思是，這是一個很好的觀察。我認為在第一季度，我們看到各個類別的支出有所下降。所以我們今年開局較慢。因此，其中一部分是跨投資領域和關鍵優先事項以及更高的淨新招聘，但起步較慢。然而，我們預計隨著這一年的推移，這種情況會有所增加。

So we'd expect Q1 to be the high watermark, Q2 to come down slightly and then Q3 and Q4 to moderate in the low 20s, would be what we would expect. And so, the year will come up a point, but the overall spend, again, in the run rate and the bow wave will be in line with our expectation coming into the year across the AOP.

因此，我們預計第一季度將達到高水位線，第二季度將略有下降，然後第三季度和第四季度將在 20 左右緩和，這將是我們所期望的。因此，今年將達到一個點，但運行率和弓波的總體支出將與我們對 AOP 進入今年的預期一致。

And I guess, secondarily, could you talk about pricing and what you're seeing in the more traditional Signature market throughout the various lenses, I guess, of where you're at in SMB and what enterprise looks like things?

其次，我想您能否談談定價以及您在更傳統的簽名市場中從各個角度看到的情況，我想您在中小型企業中所處的位置以及企業是什麼樣的？

Yes. I mean, what I would say overall is -- I mean there's no question that compared to 3, 4 years ago, category is more competitive, especially in basic use cases. And so, the overall market softens. That said, our win rates are relatively stable. We are and remain a clear market leader.

是的。我的意思是，總的來說，我想說的是——毫無疑問，與三、四年前相比，類別更具競爭力，尤其是在基本用例中。因此，整體市場走軟。也就是說，我們的勝率相對穩定。我們現在和將來都是明顯的市場領導者。

I think everybody else prices off us. We have, I think, a very strong value proposition in the resulting premium. I mean customers value the convenience and trust that we have, the higher signed rates, the higher -- the faster time to sign, as well as a variety of enterprise-grade capabilities, integrations, security, privacy, et cetera. So I'd say the price environment continues to be highly competitive, and we think we're the market leader, and we try to make sure we're paid for that, but we also don't want to lose business unnecessarily.

我認為其他人都比我們便宜。我認為，我們在由此產生的溢價中擁有非常強大的價值主張。我的意思是，客戶重視我們所擁有的便利和信任，簽名率越高，簽名時間就越快，以及各種企業級功能、集成、安全、隱私等。因此，我想說，價格環境仍然具有高度競爭性，我們認為我們是市場領導者，我們努力確保我們為此獲得報酬，但我們也不想不必要地失去業務。

So we're trying to be more agile in that regard in larger enterprise deals where there may be a blend of both. Over time, as we layer in a lot of the functionality I've talked about, we're hopeful that we can bring greater value to our clients. And that will allow us to overall increase our dollar footprint within -- with our enterprise and mid-market customers.

因此，在大型企業交易中，我們正努力在這方面變得更加敏捷，因為這些交易可能是兩者的結合。隨著時間的推移，隨著我們分層添加我所討論的許多功能，我們希望能夠為客戶帶來更大的價值。這將使我們能夠全面增加我們的企業和中端市場客戶的資金足跡。

Our next question comes from Josh Baer with Morgan Stanley.

我們的下一個問題來自摩根士丹利的喬什·貝爾。

One for Allan, one for Cynthia. On CLM and Agreement Cloud, it's clear you're in a strong position to really leverage AI, and you talked about some of the ways that you're going to do that to improve your solutions and add more value. I'm wondering, how would you gauge customer interest and timing of that interest? Like does the opportunity get pushed out at all? Are customers needing to reevaluate CLM in the context of AI and take time?

一份給艾倫，一份給辛西婭。在 CLM 和協議雲方面，很明顯您處於真正利用人工智能的有利位置，並且您談到了您將採取的一些方法來改進您的解決方案並增加更多價值。我想知道，您如何衡量客戶的興趣以及產生興趣的時間？就像機會被完全排除一樣嗎？客戶是否需要在 AI 背景下重新評估 CLM 並且需要時間？

Are there enterprise customers that are thinking about doing it in-house? If you could talk about some of that, like the time to realize the value unlock. Or are you seeing near-term momentum?

是否有企業客戶正在考慮在內部進行此操作？您可以談談其中的一些內容，例如實現價值解鎖的時間。或者您看到了近期的勢頭嗎？

Yes, that was a lot of questions. I think first thing I'd say is there's definitely strong customer interest in the category and the features and functionality. We see lots of inbound inquiries. We have some of our large SI partners who are making significant investments in their CLM practices. So the overall demand environment, I think, is robust. And I don't think we've really seen any slowdown in hesitation because of AI.

是的，這是很多問題。我想我首先要說的是，客戶對該類別及其特性和功能肯定有濃厚的興趣。我們看到很多入境詢問。我們的一些大型 SI 合作夥伴正在對其 CLM 實踐進行大量投資。因此，我認為整體需求環境是強勁的。我認為我們並沒有因為人工智能而真正看到任何猶豫的放緩。

If anything, people's expectations have just been raised on what's possible. At the same time, CLM definitely skews more enterprise. It does have longer time to value. It's therefore, more impacted by macro and cautious customer behavior, fuel cycles get longer and so on. So those two things are pulling in opposite direction. Overall, I would say CLM, we believe it has great potential, but it also hasn't quite fulfilled its promise yet, right?

如果說有什麼不同的話，那就是人們對可能發生的事情的期望有所提高。與此同時，CLM 肯定會偏向於更多的企業。它確實有更長的時間來體現價值。因此，它更容易受到宏觀和謹慎的客戶行為的影響，燃料週期變得更長等等。所以這兩件事正朝著相反的方向發展。總的來說，我想說CLM，我們相信它有很大的潛力，但它還沒有完全兌現它的承諾，對吧？

It's been 2 custom, 2 services have too long time to value. So we really want to reimagine the category to be software first with quick time to value, delightful workflow across all the functions that use it and exceptional out-of-the-box analytics and Insights driven by AI. And we are engaging with leading companies across a number of industries. So, we're seeing people reimagine how their legal departments operate, whether it's for risk assessment or compliance or extracting business value.

這是 2 項定制，2 項服務的價值時間太長。因此，我們確實希望將這一類別重新構想為軟件優先，以快速實現價值、跨所有使用它的功能的令人愉快的工作流程以及由人工智能驅動的卓越的開箱即用分析和見解。我們正在與多個行業的領先公司合作。因此，我們看到人們重新構想法律部門的運作方式，無​​論是風險評估、合規性還是提取商業價值。

One that I particularly like is we work with a lot of pharma and biotech clients. They use CLM to quickly analyze and assess their corpus of agreements that allows them to respond to market events, create efficiencies, mitigate risk. They use Insight -- our Insights product to understand the rebate opportunities and their supplier agreements.

我特別喜歡的一點是我們與許多製藥和生物技術客戶合作。他們使用 CLM 快速分析和評估協議庫，使他們能夠響應市場事件、提高效率、降低風險。他們使用 Insight——我們的 Insights 產品來了解回扣機會及其供應商協議。

That's a great example of really extracting business value beyond just being more efficient, in how you manage your agreements. So overall, we're very bullish on the category long term. We think it does need to be reimagined, and we intend to lead that.

這是一個很好的例子，說明如何在管理協議方面真正提取業務價值，而不僅僅是提高效率。總的來說，我們非常看好該類別的長期發展。我們認為它確實需要重新構想，並且我們打算引領這一趨勢。

Great. Just a real quick one for Cynthia. Professional services revenue, I think, was a record this quarter. Anything to call out for the strength and upside there?

偉大的。對於辛西婭來說，這只是一個非常快速的過程。我認為本季度的專業服務收入創下了紀錄。有什麼值得稱讚的力量和優勢嗎？

Yes. So in that professional services and other category, we do still have some on-prem software that's part of the legacy product suite. And so there was a Q2 deal that fell into Q1. So again, it's really the timing of deals. And so that was an on-prem deal that led to that upside in the PS and another line.

是的。因此，在專業服務和其他類別中，我們仍然擁有一些本地軟件，它們是遺留產品套件的一部分。因此，第二季度的交易落入了第一季度。再說一遍，這確實是交易的時機。因此，這是一項本地交易，導致了 PS 和另一條產品線的上漲。

Okay. Cynthia, congrats and good luck.

好的。辛西婭，恭喜你，祝你好運。

Thank you, Josh.

謝謝你，喬什。

Our next question comes from Jake Roberge with William Blair.

我們的下一個問題來自傑克·羅伯格和威廉·布萊爾。

You talked a lot about the product-led growth initiatives that you started to put in place. But just thinking about the other end of the spectrum with your direct sales motion. Now, that Steve has been in the seat for a little over a year, are there any new opportunities that he's looking into for that direct motion? I know, you talked a little bit about partners international, but you're still kind of in those 8 direct field territories internationally. So just curious, if there's any updates on the direct side.

您談到了很多您開始實施的以產品為主導的增長計劃。但只要考慮一下直銷活動的另一端。現在，史蒂夫已經就任這一席位一年多了，他是否正在尋找任何新的機會來實現這一直接動議？我知道，您談到了一些國際合作夥伴，但您仍然屬於國際上的 8 個直接現場區域。所以只是好奇，是否有任何直接方面的更新。

Yes. I mean that continues to be the vast majority of our business, and I don't see that changing in a very long, very long time. I think Steve has now the team fully in place, they've all ramped. And it's just a new level of professionalism and maturity there. And, we are working to augment their capabilities in every area. So, whether it's our marketing, our training efforts, our bundling.

是的。我的意思是，這仍然是我們業務的絕大多數，而且我認為這種情況在很長很長的時間內都不會發生改變。我認為史蒂夫現在團隊已經完全就位，他們都在進步。這只是那裡的專業精神和成熟度達到了一個新的水平。而且，我們正在努力增強他們在各個領域的能力。所以，無論是我們的營銷、培訓工作還是捆綁銷售。

I think, we have opportunities in every area to become a better enterprise sales software company, and Steve is helping us move in that direction. So that is -- continues to be critically important for the company. I think, we're making good progress there. And as we ship more product, we have, I think, a sales channel that's very ready and able to capitalize on that.

我認為，我們在各個領域都有機會成為一家更好的企業銷售軟件公司，而史蒂夫正在幫助我們朝這個方向前進。所以這對公司來說仍然至關重要。我認為，我們在那裡取得了良好的進展。我認為，隨著我們運送更多產品，我們擁有一個已經準備就緒並能夠利用這一點的銷售渠道。

Great. And then, just digging a little deeper into generative AI opportunity seems pretty interesting with your agreement models, and then just the ability to better utilize all the data within your contracts. I'm curious how you're thinking about maybe your monetization plans for the tech. And then, I know it's still early days, but is that something that could start showing up early next year? Or is that still too early there?

偉大的。然後，通過你的協議模型，更深入地挖掘生成人工智能機會似乎非常有趣，然後就是更好地利用合同中所有數據的能力。我很好奇你是如何考慮這項技術的盈利計劃的。然後，我知道現在還為時過早，但這是否會在明年初開始出現？或者現在還為時過早嗎？

Yes. As I alluded to earlier, I do think, relative to just execution on our agreement workflow roadmap and PLG, it's a little further out in terms of impact. In terms of monetization, I expect AI features to be both bundled as part of our baseline products, strengthening their functionality and value, as I suggested earlier. And in some cases, packaged as a separately charged add-on. We do both today.

是的。正如我之前提到的，我確實認為，相對於僅執行我們的協議工作流程路線圖和 PLG，它的影響有點遠。在貨幣化方面，我預計人工智能功能將作為我們基準產品的一部分捆綁在一起，從而增強其功能和價值，正如我之前建議的那樣。在某些情況下，打包為單獨收費的附加組件。今天我們兩者都做。

So, if you take our Insights product, which is really our AI-driven analytics product for CLM, we both have a stand-alone SKU. It's sold separately as well as a premium bundle. I think, we're going to need to learn a little bit more about how customers want to use this and what the key value drivers are before we finalize how we price the different features, but certainly mindful of wanting to capture the -- deliver the most value and capture the most value for DocuSign, as we price it.

因此，如果您採用我們的 Insights 產品（這實際上是我們的 CLM 人工智能驅動分析產品），我們都有一個獨立的 SKU。它既可以單獨出售，也可以捆綁出售。我認為，在我們最終確定如何為不同功能定價之前，我們需要更多地了解客戶希望如何使用它以及關鍵價值驅動因素是什麼，但當然要注意想要捕獲——交付最大價值並為 DocuSign 獲取最大價值，正如我們對其定價一樣。

Our next question comes from Michael Turrin with Wells Fargo Securities.

我們的下一個問題來自富國銀行證券公司的邁克爾·特林。

Just one for me, maybe on expansion rates. We're hearing some software companies started to comment around, when they'll hit a 12-month period and start to lap some of those impacts. Is there any sense you have at this point in time around where or when the expansion headwinds start to settle, assuming we remain in a similar environment?

對我來說只有一個，也許是關於擴張率。我們聽到一些軟件公司開始發表評論，他們將在 12 個月的期限內開始消除其中的一些影響。假設我們仍處於類似的環境中，那麼此時此刻，您是否有任何關於擴張阻力何時或何時開始解決的感覺？

And our gross retention rates, I know you had a comment last quarter on those, are those still holding consistent here? Just any additional context is helpful.

我們的毛保留率，我知道您上個季度對此發表了評論，這些仍然保持一致嗎？任何額外的上下文都會有幫助。

Yes, for sure. Thanks for the question, Michael. So, I think expansion rates, our dollar net retention rate came in at 105%. And for Q2, we'd expect that to continue to come down. Overall across the business, when you look at the different metrics, pressure on expansion rates is the largest contributor to the pressure we're seeing on the top line metrics.

是肯定的。謝謝你的提問，邁克爾。所以，我認為擴張率，我們的美元淨保留率為 105%。對於第二季度，我們預計這一數字將繼續下降。總體而言，在整個業務中，當您查看不同的指標時，擴張率的壓力是我們在頂線指標上看到的壓力的最大貢獻者。

And so, we would expect that to continue just based on what we're seeing and what we're expecting in Q2 on dollar net retention. And again, that has been really attributable, if you think about, why is it compressing things around customer buying behaviors, scrutinizing budgets more generally, some of the tea leaves around the macro factors. You have to remember, we're a land-and-expand model.

因此，我們預計這種情況將繼續下去，這取決於我們所看到的情況以及我們對第二季度美元淨保留率的預期。再說一次，如果你想一想，這確實是可歸因的，為什麼它要壓縮圍繞客戶購買行為的事情，更廣泛地審查預算，以及圍繞宏觀因素的一些茶葉。你必須記住，我們是土地擴張模式。

And so within that, as companies land, the rate of them expanding is coming down, and you see that even this quarter, in some of the customer metrics. So I think, those few -- those handful of things are really driving kind of that expansion rate. And you see it, more backward looking in dollar net retention, but you see it in some of the other metrics on a real-time basis as we move through the quarters.

因此，隨著公司落地，其擴張速度正在下降，即使在本季度的一些客戶指標中，你也可以看到這一點。所以我認為，那些少數的事情確實推動了這種擴張速度。你會看到，美元淨保留率更具前瞻性，但隨著我們在各個季度的發展，你會在其他一些實時指標中看到這一點。

And then, gross retention rates, I know you mentioned partial term at our gross retention rate is consistent still?

然後，總保留率，我知道您提到我們的總保留率的部分條款仍然一致嗎？

We don't disclose gross retention, but I think, when we look at various things like the expansion rates -- and we do internally look at churn rates, expansion rate is really driving kind of the compression that we're seeing more and then some of the other pieces.

我們沒有披露總留存率，但我認為，當我們考慮擴張率等各種因素時，我們內部也會考慮客戶流失率，擴張率確實推動了我們看到的更多壓縮，然後其他一些作品。

Our next question comes from George Iwanyc with Oppenheimer.

我們的下一個問題來自喬治·伊万尼克和奧本海默。

Allan, maybe can you expand a little bit on what you're seeing in international markets. And how you're leveraging partners and ecosystem expansion there?

艾倫，也許您可以稍微擴展一下您在國際市場上看到的情況。您如何利用合作夥伴和生態系統擴展？

Yes. I mean overall, I think, we're seeing some softness, right, across the business. International is not an exception. But on a relative basis, I think, it's a less meaningful factor. It is growing faster than our domestic business. It is the largest part of our addressable market, and we're still only 25% of our revenue. So, we have a huge untapped opportunity.

是的。我的意思是，我認為，總體而言，我們在整個行業都看到了一些疲軟的情況。國際也不例外。但我認為，相對而言，這是一個意義不大的因素。它的增長速度比我們國內業務還要快。這是我們目標市場的最大部分，但仍然只占我們收入的 25%。因此，我們有一個巨大的未開發機會。

Most of the international markets are at an earlier adoption phase. I think, a lot of that is due to regulatory history and cultural happens, but we see that really starting to change now. And so, it's one of the reasons that give us confidence to invest. As I mentioned, we're particularly beyond the major English-speaking markets and a few existing large European markets like France.

大多數國際市場都處於早期採用階段。我認為，這很大程度上是由於監管歷史和文化發生的，但我們看到現在真正開始改變。所以，這是讓我們有信心投資的原因之一。正如我所提到的，我們的業務尤其超出了主要英語市場和法國等一些現有的大型歐洲市場。

We're really investing in Japan and Germany to fully capture the opportunity there. Beyond the investment in our direct sales and back office functions in those markets, self-service and partners, as you alluded to, are key levers. So that includes partnerships with SIs, met several in my international travels, distributors, et cetera, and of course, our self-service capabilities are particularly suitable for reaching a lot of markets, where we can't put a lot of resources on the ground.

我們確實在日本和德國進行投資，以充分抓住那裡的機會。正如您所提到的，除了對我們在這些市場的直接銷售和後台職能的投資之外，自助服務和合作夥伴也是關鍵槓桿。因此，這包括與系統集成商 (SI) 的合作夥伴關係、在我的國際旅行中遇到的幾個人、分銷商等，當然，我們的自助服務能力特別適合進入許多市場，在這些市場中，我們無法在這些市場上投入大量資源。地面。

And then, we're investing heavily on the product side. I mentioned the ID verification. We're qualified trust, service provider in the EU. And we have a dedicated team and a pretty strong in-market customer relations on that front. So overall, I'm very bullish on international opportunity.

然後，我們在產品方面進行了大量投資。我提到了身份驗證。我們是歐盟合格的信任服務提供商。我們在這方面擁有一支敬業的團隊和相當強大的市場客戶關係。總的來說，我非常看好國際機會。

And I think, the entire company is excited that we're aligned and investing. We are being quite disciplined with which markets we're adding, should we say, direct sales efforts into, and the rest will be partner and self-service enabled.

我認為，整個公司都對我們的合作和投資感到興奮。我們對要增加的市場非常嚴格，應該說是直接銷售工作，其餘的將由合作夥伴和自助服務支持。

Okay. And just a follow-up on, you mentioned the EHR in operability in your opening remarks. What are you seeing in health care right now?

好的。作為後續行動，您在開場白中提到了電子病歷的可操作性。您現在在醫療保健領域看到了什麼？

It's -- I think it's one of our bigger opportunities from a vertical perspective. We're seeing everything from insurers to hospital chains to chains in the doctors' offices, adopting Signature and forms-based solutions to a patient log-in and registration disclosure. And so, I think really low-hanging fruit is still early days in the digitalization of health care system. And I think we can play a really meaningful role in that, and we're seeing a lot of inbound interest in that.

我認為從垂直角度來看，這是我們更大的機會之一。我們看到從保險公司到連鎖醫院再到醫生辦公室的連鎖店，一切都採用簽名和基於表單的解決方案來進行患者登錄和註冊披露。因此，我認為真正容易實現的目標仍處於醫療保健系統數字化的早期階段。我認為我們可以在這方面發揮真正有意義的作用，並且我們看到了很多對此的興趣。

But it's a highly regulated area. So the bar is higher to participate. I think, the good news is I think we're in the front of the market there, and that will be -- it's a positive competitive dynamic for us as well.

但這是一個受到高度監管的領域。所以參與的門檻更高。我認為，好消息是我們處於市場領先地位，這對我們來說也是一種積極的競爭動力。

Our last question comes from Jackson Ader with SVB MoffettNathanson.

我們的最後一個問題來自 Jackson Ader 和 SVB MoffettNathanson。

Great. And this is (inaudible) on for Jackson. Just a quick one. I think, Cynthia, you might have alluded to it. But, as we're thinking about investment in the back half of the year, are those -- is that kind of higher velocity that can be adjusted as you go? Or are those investments talking about what's going down on the operating margins, is that longer-term strategic more, so in the year?

偉大的。這對傑克遜來說（聽不清）。只是快一點。我想，辛西婭，你可能已經提到過這一點。但是，當我們考慮下半年的投資時，那些是可以隨時調整的更高速度嗎？或者這些投資是否在談論營業利潤率的下降，這是否更具長期戰略意義，所以在今年？

Yes. I would say, I mean, we evaluate as, we move through the year, but the intention right now is to invest into the plan that we had coming into the year. It just got off to a slower start. So, I'd expect the expense to be higher in the back half of the year. Again, we're really pleased to be able to increase the margin for the year by 1 point, but the (inaudible) run rate, we would expect to be about the same.

是的。我想說，我的意思是，我們評估這一年的進展，但現在的目的是投資於我們今年的計劃。只是起步較慢。因此，我預計今年下半年的費用會更高。同樣，我們真的很高興能夠將今年的利潤率提高 1 個百分點，但我們預計（聽不清）運行率大致相同。

But I'm sure the team will evaluate it, as we move that pace. There are pieces around headcount as we hire people that will naturally bring down the margin because that's by far our biggest expense category. But things like T&E and third-party vendor spend, we're always looking at those areas as well.

但我確信隨著我們加快步伐，團隊會對其進行評估。當我們僱傭員工時，員工人數方面的一些因素自然會降低利潤，因為這是迄今為止我們最大的支出類別。但像差旅費和第三方供應商支出這樣的事情，我們也一直在關注這些領域。

I would like to turn the floor back over to Allan for closing comments.

我想把發言權交還給艾倫以供結束評論。

Thank you. Thank you, operator. Thank you all for joining today's call. We appreciate your support, as we continue to make progress towards our long-term vision for the business. In closing, I think we delivered a solid start to the year, and we remain focused on our execution to deliver value to our customers and our shareholders.

謝謝。謝謝你，接線員。感謝大家參加今天的電話會議。我們感謝您的支持，因為我們將繼續朝著我們的長期業務願景取得進展。最後，我認為我們今年取得了良好的開局，我們將繼續專注於執行力，為客戶和股東創造價值。

I do want to reiterate my enthusiasm for our product road map, as we are confident that our investment in innovation and talent will be key moving forward. If you want to continue to see some of the progress we're making, I encourage you to watch our 1-hour keynote at Momentum Wednesday next week, as we share more updates on our visions and our products. I also look forward to sharing more with you throughout the year. Thank you very much.

我確實想重申我對我們產品路線圖的熱情，因為我們相信對創新和人才的投資將是前進的關鍵。如果您想繼續看到我們正在取得的一些進展，我鼓勵您觀看下週週三在 Momentum 上的 1 小時主題演講，我們將分享有關我們的願景和產品的更多更新。我也期待著這一年與您分享更多。非常感謝。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。